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New research from Post Office highlights the best family-friendly destinations that will help make your money go further this summer. Holiday hotspots like Bulgaria’s Sunny Beach and Marmaris, Turkey, have topped the list for their affordability and appeal. But our report also found that overspending abroad has now hit record highs. Travel Money Destinations Families face rising costs on holidays abroad Over two thirds (68%) of families will be heading abroad this year, according to our Family Holiday Report 2024, created in partnership with travel company TUI. Our research¹ found three quarters (73%) of families overspent by a record 55% on their last trip, splurging an extra £312 on their average budget of £566. The biggest culprits? Food and drink. In fact, over 90% of parents admitted they spent an average of £378 on eating out, buying drinks in bars and restaurants, and shop-bought food and beverages. But that’s not all. Almost nine in ten (88%) of parents said caving in to children’s demands for beach items had set them back an average of £202 on their last holiday. The findings follow our Holiday Spending Report, which revealed overspending abroad is a common trend. Here, we found 67% of British holidaymakers went over budget on their last trip abroad. Where your family holiday budget goes furthest As the cost of living goes up, sticking to your travel budget is more important than ever. To better understand costs, our report includes the Family Holiday Costs Barometer. We compared the prices for 10 family holiday essentials in 16 popular European resorts by TUI². The items include lunch and evening meals, snacks, drinks, suncream and insect repellent. Although prices have risen in 12 of the 16 European resorts we surveyed, families could still save money by choosing their destination carefully. Key findings: At just over £110 for 10 items, Sunny Beach, Bulgaria offers budget-conscious families the best resort prices. That’s despite a 9.8% rise since last July Last year’s best-value resort, Marmaris, Turkey, is now in second place. UK holidaymakers can now expect to spend 17.6% more on holiday essentials than they did last year In third place, the Algarve remains easily the best value of 14 eurozone destinations surveyed. But the Portuguese region also saw price rises of 18.4% from last year Ibiza (16th place) was the most expensive destination surveyed. Holiday items in Ibiza cost twice as much as they do in Sunny Beach, Bulgaria Prices went up in three-quarters of resorts. Costs in Ibiza rose by 14.7%, in Madeira by 11.5% and in Corfu by 11.3%. Elsewhere, Paphos in Cyprus remains good value with a modest rise of just 4% Four destinations saw prices fall. Lanzarote (7th place) saw the biggest drop of 7.2% compared to last year, with Majorca (1.2%, 9th), Costa del Sol (0.7%, 4th) and Crete (0.2%, 15th) following behind Discover the full findings for all destinations Download the report Top 10 best-value holiday destinations The ten resorts that came out cheapest for the 12 items we surveyed combined this year were: Destination Total cost % rise/fall since July 2023 1. Sunny Beach, Bulgaria £110.47 +9.8% 2. Marmaris, Turkey £116.94 +17.6% 3. Algarve, Portugal £124.24 +18.4% 4. Costa del Sol, Spain £137.82 -0.7% 5. Paphos, Cyprus £144.48 +4.0% 6. Kos, Greece £150.33 +9.8% 7. Lanzarote, Canary Isles £154.81 -7.2% 8. Rhodes, Greece £156.93 +5.8% 9. Majorca, Balearic Isles £166.13 -1.2% 10. Corfu, Greece £167.36 +11.3% Best value and most expensive holiday items for children Splashing out on treats for children is also contributing to overspending on family holidays. To get a better idea of these costs, we compared six beach items across various destinations. Here are the lowest and highest costs by destination: Item Lowest cost destination Highest cost destination 2 buckets and spades Paphos, Cyprus (£6.94) Sliema, Malta (£18.24) 2 inflatable lilos Algarve, Portugal (£12.16) Kos, Greece (£27.80) 2 mask and snorkel sets Marmaris, Turkey (£13.36) Ibiza, Balearic Isles (£34.74) 14 ice creams (Mars/Magnum) Marmaris, Turkey (£14.98) Ibiza, Balearic Isles (£54.74) 2 pedalo rides Funchal, Madeira (£15.63) Kos, Greece (£69.48) Waterpark visit Kos, Greece (£55.58) Ibiza, Balearic Islands (£118.12) Help and hints for happy family travels Travel money: don't wait until the airport To get the best exchange rate you can, keep an eye on prices for the months leading up to your trip. When the currency you want is at its lowest, that’s the time to buy. Of course, you don’t know whether it will keep on getting lower, but one thing is for sure: buying your foreign currency at the airport is hugely expensive. You can also order your travel money online with us, ready for collection at any of our branches. Or you could have it delivered to your door. And don’t forget, you can buy euros at over 7,000 branches without needing to order. Safe, convenient holiday spending If you prefer not to carry cash, there’s our simple and secure prepaid multi-currency card, the Travel Money Card. Just load funds onto your card in any of 22 different currencies. Pay anywhere you see the Mastercard® symbol, including with contactless. And you can track your family holiday spending and move money between currencies easily using our free travel app. Protecting you against more than the sun Travel insurance is hugely important if you’re going away. You should take out insurance as soon as you have made your travel plans and parted with any money. Things can happen before or during a trip. Travel insurance will typically provide cover for cancellation, lost or stolen personal possessions, including money, as well as emergency medical and repatriation cover. Policies vary and not everything is covered, so ensure you check the terms and conditions. Remember to check the Foreign, Commonwealth and Development Office (FCDO) travel advice for the country you’re visiting as travelling against it can invalidate your cover. Explore the best-value destinations for 2024 Download the report About the research ¹Consumer research conducted online by Yonder for Post Office Travel Money among 2,067 UK adults aged 18+ (28-30 April 2024). ²Post Office Family Holiday Costs Barometer 2024: Local prices were researched by TUI as well as by tourist offices for the Algarve, Corfu, Costa del Sol, Madeira, Malta, Marmaris (Marmarisinfo.com), Paphos and Porec. These prices were converted to sterling using the mid-July online exchange rate for a £500 transaction. Other travel products Travel money Wherever you're going, pick up your holiday money from Post Office with 0% commission and competitive exchange rates. Travel Money Card One prepaid Mastercard® that stores up to 22 currencies and can be managed on the go with our travel app. Travel insurance Protect your trip with cover for cancellation, cutting it short, emergency medical costs and more. This might interest you Refund Guarantee Currency buyback Currency converter Our free travel app Travel alerts Passports How to plan a European city break on a budget Thinking of heading off to Europe for a quick city break, but don’t want to ... City Costs Barometer: the best value city breaks Eastern Europe leads the way for the best value city breaks this year. And ... Christmas Markets Report 2023 Kickstarting your festive prep with a short getaway this year? The Post Office ... 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